Docklands apartments beside IFSC to finally get under way

The Dublin Docklands Development Authority (DDDA) is finally to proceed with a major apartment development beside the International Financial Services Centre. The authority is to seek a partner to develop 189 apartments in six blocks alongside the new Citibank office complex, which is under construction at North Wall Quay. Construction of the apartments could start in January following the granting of planning permission and a fire certificate for the development. The authority is to set aside 36 of the apartments for social housing, the first time such a provision has been made since the Government announced its intention to take up to 20 per cent of residential sites for affordable housing. The DDDA will share in the profits from the apartment scheme. Hamilton Osborne King is to invite leading developers to tender for the development contract, indicating what proportion of the profits they are prepared to surrender to the DDDA. Under the terms of the contract, the developer will be reimbursed with the cost of building the 36 apartments for social housing. These units will occupy a single block and will be completed to the same standard as the ones to be offered for sale.

The 1.9-acre site to be used for the development is valued at up to £15 million, even though it does not have tax designation. The scheme will include 16,000 sq ft of retail space and a 6,000 sq ft creche, both of which will qualify for 100 per cent capital allowances. The design for the scheme was chosen as a result of an architectural competition organised by the DDDA and won by Urban Projects. The apartments will be located in eight-storey blocks running from the North Wall Quay along a new pedestrian street, Excise Walk. Many of the apartments will have dual aspect and duplex layouts. Stephen Cassidy of Hamilton Osborne King said the design and location of the apartments should guarantee that there will be a strong demand from them both from investors and owner-occupiers.

Meanwhile, Chesterbridge Developments plans to take bookings early in the new year for the next phase of its adjoining apartment scheme which will bring the total number of units up to 600. The first residents of Custom House Square have begun to move in and about 270 homes are due to be completed by the end of the year.